tv Varney Company FOX Business November 13, 2013 9:20am-11:01am EST
♪ >> obamacare facing collapse. that's not too strong a word to use. good morning, everyone. consider these developments. the november 30th deadline, will not be met. the all powerful valerie jarrett. and your personal information cannot be guaranteed, the website is a hacker's paradise and you'll hear that in congressional testimony today. democrats now want to let you keep the plan you like and that
means going back into the obamacare law and changing it. and the president's approval rating sinks to just 39%, you're a witness to history. obamacare collapsing before your very eyes. "varney & company" is about to begin. what if a small company became big business overnight? ♪ like, really big... then expanded? ♪ or their new product tanked? ♪ or not? what if they embrace new technology instead? ♪ imagine a company's future with the future of trading. company profile. a research tool on thinkorswim. from td ameritrade.
>> look at this, the dow is looking to open maybe 90 points lower. health care stocks the biggest losers. remember, we just attached the word collapse to obamacare. all right. there is a full court press that gets you to shop on thanksgiving. two weeks from tomorrow, wal-mart is offering big deals on apple products to get you in door. show up on thanksgiving night an ipad mini. and iphone 5 c for $45 and then they give you a $75 wal-mart gift card. you get an iphone 5 s for 185
bucks and a $75 wal-mart gift card. activation required for both phone deals. wal-mart is among a host of retailers opening their doors on thanksgiving. they're flowing down the gauntlet. not everybody is hopping on the band wagon. this pledge is waking around facebook. because i believe in family i pledge not to shop on thanksgiving, because i'm shopping, somebody else is working and not spending time with their family. and the debate is on. however, 35 million people shopped thanksgiving last year according to the national retail federation and more likely this year. all right. you've been served here on "varney & company" today. we've got three 20-somethings on the show for you. first up a 23-year-old who runs his own hedge fund and manages 100 million dollars. how did he get people to hand over that much money to someone his age. and a looking at the failed
obamacare website, how could he do that for the federal government. and a 20-something that ran for a school board. first up, starbucks fined nearly $3 billion because of a failed deal with kraft? big money there. barons said that netflix stock could lose 50% of its value. stay right there. the opening bell minutes from now. she loves a lot of the same things you do. it's what you love about her. but your erectile dysfunction - that could be a question of blood flow. cialis tadalafil for daily use helps you be ready anytime the moment's right. you can be more confident in your ability to be ready. and the same cialis is the only daily ed tablet approved to treat ed and symptoms obph,
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♪ ♪ take another little piece of my heart♪ >> that music is good. all right, new recommendations for doctors could put people on cholesterol drugs, statins. we're checking with companies that are making the staten drugs. one half at the opening bell, tres knippa, i'm talking about the collapse of obamacare. maybe strong, but would that be good or bad for stocks? >> the good thing in washington d.c. is that politician's attention is focused on
obamacare. gridlock is great for the market. when did the market work higher and the economy see forward progress? it started happening after the mid term elections in 2010. keep politicians busy quibbling over this and they won't meddle in another important part of the economy. stuart: we love you tres knippa. good stuff, young man, good stuff. and the market asking the same question to shah galani, the collapse of obamacare, good or bad for stocks? >> it's bad for stocks and bad for the economy. and we've got it where nobody knows where it's going to fall out and folks having to sign up the network, will there be availability of anything? that's a question for entrepreneurs and businessmen and a problem for stocks. stuart: gridlock good, obamacare collapse not so good
for stocks. well, we had the question answered, did we not? we're a minute into the opening in trading this wednesday morning and opened at the down side and we're at 50 points, below 15-7, not a bad level. starbucks bottom line taking a hit. it's been fined close to $3 billion for backing out of a deal with kraft. nicole, how about the stock's opening? >> they have to restate some numbers. and starbucks is 79.38. they basically terminated their agreement with kraft and they had to pay out to do so because they said kraft wasn't doing enough to promote their coffee. in the meantime, they had to restate some of the numbers. and to give you an example, the fourth quarter results swing to a 1.2 billion loss after originally it was a gain, a profit of $481 million. so from a profit of 481 million down to a loss of 1.2 million
and they'll have to write off this fiscal year and throw the paper away because the whole thing seems to be undone. not good news there for starbucks and the kraft deal. and the other thing-- e you pay nearly $3 billion because you back out of a coffee deal? whoa, brave new world. nicole: guess who have a coffee deal? mcdonald's and kraft, the sings single cup, k-cup. stuart: and look at this, up another 6%, macy's. and barons said that netflix stock could drop because of the challenge with the cash flow. that's up 260% this year and this morning it's down a fraction. shah galani, are you buying
netflix? >> it's been hard to bet against the stock and huge short positions put on and squeezed higher and higher and done well so i'm not inclined to push against that, but i certainly wouldn't be a buyer at these levels. stuart: we hear you. now let's get to obamacare, democrats are lining up against it. and senator diane feinstein democrat california backing a bill by mary landrieu, louisiana, to reenstate the canceled policies the president promised they could keep. let's bring in the republican from louisiana. congressman, if you do this you've got to gg back into obamacare, open it up and rewrite the law. and that means chaos, does it not? >> well, that's right. what we're seeing right now is a tremendous amount of uncertainty and this was highly
predictable going forward. we knew that this rollout of obamacare was going to be nothing short of a fiasco based on the indications we were getting because of the complexity and we also know that beyond the website rollout, there are major disruptions that are going to occur in health care and somebody who has practiced medicine and been involved in health care for 30 years prior to coming to congress, this was predictible. now, how do you walk back from this, and open up the law. stuart: if you do it, i think you have to open up the law. >> that's right. stuart: if you do and pass a new law and say, okay, you can keep the policies you like, that undoes obamacare and my question is, do you think the president would sign it? >> well, right now, he seems to be, basically entrenched in his position. he is, you know, pushing back against senate democrats, and house democrats on any move to do so and we'll have a vote in the house this week. we'll see how many democrats come across the aisle, but the
democratic leadership in the house is saying no, vote no on this bill. the fact of the matter is, this is a problem. stuart: i'm almost out of time, but i really want to recap one point i've been making it this morning. i'm saying that obamacare is collapsing. now, do you think i'm coming on too strong with this? >> oh, no, i don't. i think you're absolutely right and this is something we knew would happen when the big day came, you know, october 1st for this rollout. we knew there were problems and we felt for a long time it would collapse under its own weight. stuart: congressman, we thank you for joining us, it's going to be a busy day for you, sir, and appreciate you being with us. >> glad to be with you. stuart: the president stated many times how helpful obamacare would be to small business and said it on the website. quoting directly, the affordable care act makes it easier for businesses to build on the marketplace. and stops insurance companies from taking advantage of you.
oh, let's bring in mary kissel on the wall street journal editorial board and show has numbers for us about the responses from small business to this ad for obamacare. >> good morning, stuart. we had an editorial in the paper this morning that talks about a public opinion strategy survey of about 400 business owners. and these are small business owners conducted just a couple of months ago. 64% of small business franchise owners say that obamacare would have a negative impact on their business, and 53% of nonfranchise owners say the same thing, only 5% say the law would have a negative impact and only one in 12 say that the law will help them. stuart: that's a very negative reaction. are they basically saying, look, it puts up my cost structure, the price. >> of course, you've got to love a survey that confirms common since. 27% of franchisees say they've replaced full-time workers with part-time workers and about 12% of nonfranchise businesses have
already done that. why would they do that? because they don't want to have to deal with obamacare. that 49er effect it's called, the law kicks in. stuart: and the white house comes back at you and says there is no evidence that obamacare is affecting hiring. >> that's-- >> or over 50 full-timers. >> that's absurd and you know that they're talking bah us they don't like that because they don't leave washington. you look at families like mine in south florida, all of my relatives are in small business and they knew what would happen years ago and they've been preparing for years. when i mention the 27% and 12% numbers of companies that replaced full-time employees with part-time, looking forward, this survey says of small companies between 40 and 70 employees, about half of going to keep their work force below 50. that magic number. so, remember, that's 40 to 70 employees that means that there
are a number of companies here who are going to fire people and pare back. stuart: mary, one last comment. i said obamacare is collapsing, am i too strong? >> no, i don't think you are. the so-called enrollment numbers today. 7 million and they want that by next year and signed up 40 to 50,000 by this point, i don't think that-- >> there's news this morning valerie jarrett admits we'll not have the website. >> it's not the website, it's the risk pool underneath it's everything that goes into it and a heap of trouble. stuart: mary kissel, thanks for joining us. >> appreciate it. stuart: should you take a staten for your cholesterol. new guidelines to have millions more on the drug. astrazeneca makes crestor and others. >> they are under some
pressure, pfizer a gain, but when you go to your primary physician or cardiologist they may treat your high cholesterol a little more aggressively with some of these drugs. stuart: i've got this for you, elon musk says that tesla is making a pickup truck to rival the ford f-series. i'm talking no ford, tesla. >> everybody was waiting for the jeep pickup. tesla, the stock is up, 140 bucks and change and the other thing, also the ceo says they're not going to recall the model s. and yesterday there was talks that maybe the model s was being recalled, they said no way. stuart: and the market open ten minutes about, we've opened almost 70 lower. we're the 15,681. next, we have a hidden provision in obamacare that alo us people to default on their health premiums, don't pay them, and get subsidies.
with the spark cascard from capital one, i get 2% cash back on ery purchase, every day. i break my back around here. finally soone's recognizing me with unlimited rewards! meetings start at 11, cindy. [ male announcer get the spark business card from capital one. choose 2% cash back or double miles on every purchase, every d. what's in your wallet? i need your timesheets, larry! >> all right. we've just opened up the trading session this wednesday morning and we're down 74 points. that puts us below 15-7. and gold is well below 1300 an ounce. to macy's, i mean, that's up big today. strong profits, strong sales, it's up now almost 8% and macy's above 50 bucks a share. we've got a provision and it's buried and i mean buried deep within obamacare. it doles out three months of
health care to people who choose not to pay their health care premiums. that's good, isn't it? liz macdonald dug is out of obamacare. >> kudos to watch dog.org, they found it, too, this is a green light for fraud and abuse, an invitation for abuse we talked about at the break. if you're on the exchanges, and sign up for health care insurance on the exchanges. you'll get a tax credit, right? but you also get three months where you don't have to essentially pay your premiums and get away it. it's called a grace period, not paying your insurance premiums, instead the doctors under the law have to chase after the patients to get paid. basically they can stuff the doctors and the hospitals and not pay. stuart: so there is no penalty if i decide i'm on the exchange, i've got a plan and if i decide i'm not paying, i'm not going to pay the premiums, there's no penalty for that, they give me free coverage. the only penalty, you've got to
basically enroll a year later and you pay for nine months, i'm not going to pay for three months and wham-o, you basically get free care. stuart: that's what you said, that's an invitation for people to say i'm not paying for three months because there's no penalty attached to me for not paying. >> and this is why doctors are saying we're not going to take the enrollees in the health exchanges. if they can stiff up, why should we provide care. >> and hhs say they'll monitor the abuse and that's of a the fact. they're saying to the doctors, you have to get payment from the patients themselves, we're not going to do it for you. it's up to you to get the payment from the health exchanges. stuart: i want you to pass judgment on what i've been saying this morning. i said obamacare in my opinion is collapsing as we speak. the website is not going to be ready by november the 30th,
valerie jarrett admits it. there are moves to reopen up obamacare so you can keep the policy you like, but that means rewriting the obamacare rule. >> that's right. >> young and healthy people are not signing up and not getting the money out of them. more and more people are signing up than medicaid and the money is flowing out from the taxpayer. is it too strong? >> no, if you rewrite the rules to let people keep their insurance, that crumples obamacare, they have to have the people in there paying higher premiums. say you're 80 years old. you don't need maternity care and you have to pay for it. or fertility payments even if you're 90 years old. they need to let people in there, and all of a sudden the president says you can keep your plan, it will cause an erosion in the floattation of obamacare. you were right when you said i talked to doctors, two tier concierge is happening.
and the doctors will not take the health care enrollees that are in there. >> there's a spiral down here and it's started already. i'm glad you agree. great stuff, thank you. good story. thank you. the united nations wants developed countries to pay for climate change for the rest of the world. and one country says, no, no way. they call it socialism masquerading as environmental and want nothing to do with it. my take on that is next. can you guess which country said no to the u.n. on climate change? here is a hint. it wasn't america. ♪ ♪ can you hear the thunder ♪ you better run, better take cover♪
>> the retailers the doing well, macy's in particular. of course a lot of the companies are open on thanksgiving and look at macy's up nearly 8%. president clinton throws president obama under the bus, maybe that's strong, he says though that he should keep his promise to those millions losing their health plans.
in our next hour, our clinton insider is here. what was bill thinking? hillary 2016? probably. plus, meet the 28-year-old who helped build an obamacare website that works. how did he do it and how much did it cost? and dr. segal is here to weigh in on the expanded use of staten drugs. is he going to prescribe more of them to me? when i saw this late last night, i could hardly believe it, but it got a big smile out of me. the elected government of a highly developed society said no to the united nations on climate change. here is my take. it was the australian government. it was a big and emphatic no. australia will not pay any new taxes or fees for climate change. they call the united nations plan socialism, masquerading as environmentalism. put another shrimp on the barbie, boys, and tell how it is. that was great.
there was a big u.n. meeting on climate and of course they jumped on the band wagon and claimed the terrible storm in the philippines will not be a part of climate madness. i'm not buying it and i don't want to pay, even the new york times admits it's quote, difficult to link any single weather event to climate change, but the developed world is still being told for pay for remedial climate action. it's the old story on a global scale. you've got it, we want it. pay up. it's what president obama is saying to half the people in our own country, you've got it, they need it, redistribute the wealth. what a pleasure it is to see a government say no. and by the way, the australians have gone even further. they have just repealed their own carbon tax. now, please don't hold your breath. president obama will never follow suit. remember, he's the guy that
says his term is when the oceans started to recede. and it's so refreshing to hear a no reply to socialism. really makes my life easier. maybe a promotion is in order. good news. i got a new title. and a raise? management couldn't make that happen. [ male announcer ] introducing fedex one rate. simple, flat rate shipping with the reliability of fedex. [ male announcer ] introducing fedex one rate. stick with innovation. stick with power. stick with technology. get the flexcare platinum. new from philips sonicare.
>> we're using the word collapse for obamacare. we're using the world revolt for democrats who want to change it. good morning, everyone, welcome to our second hour. we have a 28-year-old with us who built a health care website that works. it only took him a couple of days. florida's governor rick scott is with us.
300,000 floridians kicked off their health plan. will he say that obamacare is collapsing. bill clinton opened up the obamacare wound. doug schoen who knows the former president well, he's here. how do you feel about this? one third of all adults should take an anti-cholesterol pill every day for the rest of their lives? i hate it. dr. marc siegel may try to change my mind. and oliver stone perhaps the best known living conspiracy theorist addresses a bankers convention, what the devil is going on? ♪ here is what's going on right now. the house oversight committee is holding a hearing on the security of the obamacare website. the white house chief technology guy says that the administration failed to test healthcare.gov for the traffic october the 1st and a memo
obtained by this committee that's holding the hearings now says the security of the website is so bad that quote, the threat and risk is limitless. we're monitoring this for fireworks and we'll bring you anything as it happens. we've been saying this all morning, obamacare is in collapse mode, failing to live up to president's promise if you like your health care you can keep it. in florida alone, 300,000 are losing their insurance. florida's governor rick scott joins us live from the new york stock exchange. welcome back, it's good to see you, sir, and you know, i've been saying it this morning, i've come on strong here, i've said that obamacare is collapsing. am i going too far? >> first off, stuart, i'm surprised you haven't moved to florida, we're cutting another 500 million in taxes and the federal government is headed in the wrong direction with a lot of things, but obamacare is having a big problem in our state. over 300,000 of our citizens have lost their insurance.
clearly the president's promise, if you liked your insurance you wouldn't lose it, is not working in florida. so he's hit-- it's headed the absolutely wrong direction, but our state is headed in the right direction. stuart: just as far as your state is concerned. do you go for the idea we should go back into obamacare and open it back up and make sure that people who have policies that they like, they can in fact keep them. do you approve of that? >> absolutely. look, why should you lose your insurance because the a first they promised it when they passed the bill, so, you know, what i would hope is they would go back and say, look, if you like your insurance, buy it, keep your insurance and on top of that, buy the insurance you want to buy. the federal government shouldn't tell you what insurance to buy. i'm up here to promote our 500 million tax and fee reduction to get more companies like hertz to move out of the cold northeast down to a no income tax, low business tax, less regulation, better for your
company environment. stuart: well, governor, i was in florida yesterday, i was in fort meyers and i was very conscious of the fact that your state doesn't have an income tax, doesn't have an estate tax and now, you're telling me that if i move there, which taxes are, that are in place now will you cut next year? spell it out. >> sure, we're, woulding on that. we can't cut our income tax because we have none. we've been reducing business tax so 70% of businesses don't pay a business tax. we're working on things and working with my legislature. money back to you as a citizen because you'll put money into housing or transportation, you might put money into your kids' better education and maybe start a business. we have 271,000 job openings in our state because people are starting businesses in our state because they do so well. stuart: i have to ask you this, and i know that 2016 is a long way away.
are you, for example, jockeying for position within the republican party as a potential presidential candidate? >> you know what i'm trying to do is make sure that florida is the number unwith place for people to get a job, get a job, get a great education, that's my goal every day. stuart: governor, that was a duck and you know it. that was bypassing the question. will you answer the question? would you consider running for the presidency? do you like the idea of a president scott? >> i like the idea of being governor and next year, a year away, but right now, my job is every citizen in our state can get a great job and kids can get a great education. stuart: try this, do you like governor christie or senator cruz? >> i like people who reduce taxes and washington is crazy right now, headed in the wrong direction. and i've cut 2800 regulations, and they added like 3400 regulations a year. we've cut taxes 24 times in my almost three years and they
keep raising taxes and they're headed in the wrong direction and we're headed in the right direction. stuart: don't stay i didn't try. >> move to florida. stuart: you've tried that before, too. thanks, governor, it's a pleasure. >> have a good day. stuart: take a look at the textbook rental company. we flashed it on the screen moments ago, it's called cheg. and it's down. but $11 a share right now. november 30th, that's the target date for the obamacare website to be fixed, but "the washington post" is reporting today that white house officials say it's not going to happen by then. and now, listen to what valerie jarrett, she is the president's closest advisor. listen to what she said. >> we are seeing progress and it's complicated, it's challenging, but the president has made it very, very clear that we are going to just keep grinding away until we get it right and we're looking towards the end of the month to see
substantial progress. stuart: oh, substantial progress, they are making substantial progress, that's not a total fix as promised previously. in the meantime, three young men created a working alternative website. we have one of those people with us now. george, you want to say your name correctly. >> stuart, it's telegropolous, the smith of greek last names. stuart: you've created a website and you've built it in a matter of days at virtually no cost. could you have done the same thing for the government? >> first, it was not just myself it was always my partners, who did a ton of the work. and the-- it's not really a fair apples to apples comparison because
the government website talks to the irs for your tax status and talks to homeland for immigration status and you cans at that to the states. all we do is show you prices so we say where are you and show you what's available and what it costs so it's a much more limited goal. stuart: the government could have done the same thing. we've got a website, it works, let us show you what you can get. it could have done that, couldn't it? but it didn't? >> the team at healthcare.gov is competent technically so i am assure they could have done what we've done. stuart: they are? wait, wait, hold on, george. the team that assembled healthcare.gov is extremely competent technically? how come it's such a mess? >> so i can't really speak to the political side of things because that's not our area of expertise we're just programmers, but given the sort of the people involved in creating healthcare.gov, any
missteps and issues i imagine are policy choices rather than say technological shortcomings. stuart: how much did you spend-- i know it's a limited site different from healthcare.gov. how much did you spend to set this i think this up? >> so the original version of the site taking data from healthcare.gov and posting it in the search format took about three days to pull together and cost a couple hundred dollars. stuart: that's it? that's it? >> yes, again, by keeping the scope narrowly focused just where are you and here are the plans available to you, we were able to keep the cost very low. stuart: what you've done then, if i go on to health sherpa.com and go there and punch in my zip code you could tell me quickly and accurately, what exchange plans are available to me? you can do that? >> absolutely. you'll see every plan from every insurer available to you in your area and you can easily
enter your age and age of your family members on the left-hand side and update the premiums automatically. stuart: i don't enroll for a plan, i can shop and see what's available, that's what you're doing for me? >> and we have a how to buy button which if you click it, give you the phone number of george kaloper gloous. we appreciate it. >> thank you. stuart: check the boards, charles payne is with me. charles: i did learn a couple of things. stuart: wait a minute, people are wondering, why did i pause briefly before i introduced
you? i tell you why, i've been away for a few days, on friday of last week when i went away, dear charles sat in this seat for me and guess what? the numbers, that is the number of people watching this program shoot through the roof. i was appalled to see this. [laughter] delighted by the way, but appalled. you will never sit in this seat again, payne? >> and i'll save money because of all the speaking engagements. stuart: leave me alone. charles: we have an amazing audience and every day people stop me and say i love you and stuart. stuart: that annoys me, you get more recognition than i do. i was in florida yesterday and a large crowd and you know what they said to me, where is charles? it's appalling. okay, let's get back to the deals. charles: all right. stuart: some are saying the dow is down because the federal reserve, maybe they won't keep--
i'm not buying this. charles: there's a group of people who do trade solely on the idea that the fed has been accommodative and you bring that up all the time. when that 10-year yield started to shoot up, it was a yellow, not red flag. and some things are ridiculous, the dow is down because of the chinese economy. there are a lot of news organizations and websites out there, they have to come up with headlines. most of the times they're wrong. stuart: they're watching you, charles. let's go to lululemon, they are the sheer yoga pants people. well, they've recalled the sheer yoga pants and they're back in the stores and selling for $92 a pair. patched up and being called second chance pants. nicole, a, where is the stock and b, are you buying? >> i have to hold in my laughter, they're the sheer yoga pants people. they're not sheer yoga pants, they're the pants people who had problems.
and don't forget the pilling when your thighs rub together. stuart: the what? the what? >> the pilling, the little ballies, pilling when your thighs rub together. and the ceo noted if the women's thighs are too big and rubbing together, there's a problem. stuart: we're on dangerous ground. nicole: j.p. morgan put a new price target $84. it's been beaten down, but looks like it's coming back. stuart: charles, do you want to improve our ratings with any mention of pilling from you? >> you know what? >> i've got a couple of stocks that are down big in a down market and both of them are charles' picks. first is the syna corporation, think wrote it wrong in the teleprompter. stuart: it's up. charles: yeah. charles: and it was on monday and said instead of twitter buy
sina. a big move. stuart: story about that mistake there, that was my fault. i can't read the prompter. the next one is pega. . charles: pega systems. on the show, you know what, they have been working and this is a stocky featured on the show on 5-7-13 of 26. and we've taken profits almost double. business software, talk about productivity miracle of corporate america, a lot of it comes down to technology over people and that's how you get a jobless recovery, by the way. stuart: that's why the numbers go up when you're on the show. you picked them. charles: and i just did it on twitter, we just now sent an alert to take profits on-- the guys who printed up the rook here, and they're up big, let's cash it on buy back--
>> the bitcoin, $420 per bitcoin on the bitcoin exchange. you used to be bullish on bitcoin, are you still? >> i'm extraordinarily intrigued by this. it speaks to society. the new gold, central banks can't manipulate it, no individual country can manipulate it. and it's just that nobody understands it. stuart: they're going after it. charles: going after it. stuart: they are. all right. here is a line from our next guest, quote, bill clinton undermined obamacare in one sentence better than the republicans ever could. our clinton insider is doug schoen and he's coming up. ♪ don't stop it now ♪ keep it coming now don't
stop, don't stop now♪ you really love, what would you do?" ♪ [ woman ] i'd be a writer. [ man ] i'd be a baker. [ woman ] i wanna be a pie maker. [ man ] i wanna be a pilot. [ woman ] i'd be an architect. what if i told you someone could pay you and what if that person were you? ♪ when you think about it, isn't that what retirement should be, paying ourselves to do what we love? ♪
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of art ever sold. it was auctioned yesterday at christie's, most valuable work of art at auction. francis bacon study of lucien freud. no further comment, but look at it. bill clinton is not biting his tongue over the comments president obama made over health insurance. listen to bill clinton. >> i personally believe even if it takes changing the law, the president should honor the commitment the federal government made to those people to keep what they got. stuart: you heard it. our next guest knows bill clinton very well and he was his chief advisor. and doug, what was bill clinton doing there? >> he was doing two or three things. first, he was making it clear that he and by extension, former secretary of state hillary clinton recognize that this law is not working and that those who have said
democrats and republicans, that the president needs to honor his promise, they're right. so, this is a huge, huge political move. stuart: now, if bill clinton's advice is followed and the promise that you could keep the policy you like is kept. >> right. stuart: that means going back into obamacare, opening it up and rewriting the law, which essentially could kill it. >> yeah. it's rewriting the law and also saying that insurance companies, policies that have been canceled effectively have to be resurrected. it's a fundamental remake of the health insurance and it would effectively kill obamacare. i don't think that bill clinton is worried about that. he's worried about a calamitous political environment that could spell doom for secretary of state clinton. stuart: a chasm--
>> with terry mccauliffe, a win for him. charles: the double down talk about these guys seriously not liking each other. and whenever i hear president obama or people who love president obama and talk about the signature achievement they say no other president could get it done. fdr couldn't get it done. lbj couldn't get it done and bill clinton doesn't get it done. >> let's say what that book double down reports is something i believe to be true, no love lost between them. it's an alliance of convenience that, stuart, as your question suggests is breaking down and breaking down quickly. do you think that obamacare it's he have is is collapsing? i've used that word on the air, maybe i'm coming on too strong. charles: a. >> a couple of weeks ago i would have said too quick, too hasty. now, i don't see a path absent a shutdown for six months, suspending the individual
mandate and penalties, i don't see how it-- >> what does it do to the obama presidency? >> it will significantly undermine their top accomplishment. stuart: is there some liability on the part of hillary clinton. she's now involved, she's involved in obama carry now and brought into the debate? >> before there was obamacare, there was hillary care. that didn't succeed, it was one of the singular defeats of the bill clinton presidency. i was brought in to advise him. she wants to be in a position she doesn't have to explain away health care, what bill clinton did yesterday is designed to help her get away from it. stuart: do you think that a hillary clinton presidency would resurrect some form of health care reform? >> it almost certainly would, but it would be more
incremental, more narrow and less expansive. stuart: and less expensive? >> i should have had an e rather than an a. i stand corrected. stuart: thank you for being with us. >> i appreciate it. stuart: the dow down 69 just shy of 15-7. that's where we are this wednesday morning, less than an hour into the session. heart doctors rewrite the rules on statin drugs and saying that 70 million people should be taking them as a preventive measure. i'm not on board, i don't want to take a bill every day for the rest of my life. what does doc segal say about that? he's with us in a moment. ♪ i've been a miner for a heart of gold♪ ♪
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close eye on the 3-d printer stocks. 3-d systems is down today. it had about and charles pick, he said earlier take profits, that means sell it and get the money while you can. charles: yes. stuart: is that right? and new heart association guidelines could have millions on statin drugs to manage their cholesterol. dr. segal is here, i don't like it. okay? we are told that up to one third of americans, 70 million adults should take a factory made pill once a day, every day for the rest of their lives? convince me that i want to do this? >> first of all, stuart, let's start with the fact when it comes to preventive medicine, you're in the dark ages. you don't believe in flu vaccines and i have to convince you and i want viewers to know that you're in the dark ages. i don't like guidelines in aga general because i don't want
doctors to practice cookbook medicine, the previous guidelines is the number, how high is your cholesterol, when it's a certain number, if you're going to have guidelines, the american college of cardiology are saying let's look at risk factors. do your parents have heart disease. do you have high blood pressure. are you male, do you have high cholesterol, do you have diabetes and smoke, the more risk factors you have, the more we should consider you for the drugs because they prevent plaque from forming in coronary arteries up to 700,000 people a year are dying in heart disease and adding stroke to the picture. i like that idea. this is a great drug. stuart: you could tell me categorically if plaque builds up in my arteries, take these statin drugs, and it will lower the plaque buildup. you can say that definitively, it will happen, correct? >> correct. stuart: are you sure-- >> with a statin, lipitor and cre
cre crestor and astrazeneca, theorist that-- >> no, i'm not a conspiracy theorist. >> it isn't pfizer making out on this. charles: the problem is we see the commercials on tv and the last part of it is this big disclaimer that they say very fast. in other words, what's the risk, what are the side effects and what could happen and could be discovered two years from now that kills the liver and saving the heart. >> great question, charles. they've been around and doing great. they can be intolerant to the muscles and i have to take people off them. there's a risk of diabetes with statins, 10 or 11%. but you know know what, diabetes causes hard disease. some say it slows cognition and thinking, studies have not shown that.
overall it's one of the best tolerated drugs we have. these are relatively minor side effects. the major effect which is to prevent cholesterol from forming and decrease plaque in the coronary arteries is dramatic. i myself have been taking lipitor over ten years. stuart: look at you. >> and you are-- i'm going to convince you. stuart: i'm perfectly healthy. i'm 65 years old. i don't mind admitting it, i feel terrific and lots of energy. charles gets better ratings on the show, that's irrelevant. i'm doing okay, why should i take a pill the rest of my life. >> i'm glad you eat that salmon in the morning. stuart: precisely. >> i'm not going to reveal your numbers, but people who have high cholesterol have cardiac risk factors. stuart: do you think i have high cholesterol? >> i'm not saying, but people with risk factors should be on the drugs and i think they have a dramatic impact and that's what the organizations are saying. again it's not the same thing as me believing in guidelines. i want doctors to have the conversation we have here.
stuart: you will go out and actively solicit your patients, tell them i think it's a good idea. i'll look at you closely, but i recommend the statins. >> i've been doing that. these guidelines don't change my thinking, but reach out to people who have been thinking this way. stuart: do you think they've reached out to me. >> a dent. next year flu shot after that-- >> no way on the flu shot. that is. okay, doctor. great stuff. thank you very much. the white house keep calling all of those canceled plans substandard. does the government have the right to decide what it substandard, what's good for you? the judge is next and you can bet he's fired up about that one and we have oliver stone, anti-wall street movie director invited by the big banks as a keynote speaker at the convention, really? from the guy who invented this? >> greed for the lack of a better word is good. greed is right. greed works.
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is subs listen to this. >> if you had one of the substandard planned before the affordable care act became law then you really like that plan you are able to keep it. that is what i said when i was running for office but ever since the law was passed if insurers decided to downgrade or cancel the substandard plans, we said under the law you got to replace some with quality comprehensive coverage. >> what is not an effective fix is one that has envisioned by legislation that would tell insurers they can sell stunned substandard fans to anyone who purchased then. >> the things they like that. >> they like a light--that is substandard. who are they to decide whether your plan is substandard or not? you chose it. judge andrew napolitano is here.
judge napolitano: they are the progress of the non-government who delight in telling us how to live the because they believe the and intellectually superior to everyone else in in the country and intellect means more for the greater good and are for each lease. the president is materially and manifestly misleading the country because the so-called sub standard plan is unlawful. insurance companies cannot offer it after from and after obamacare unless legislation proposed by senator mary landrieu of louisiana who is in a desperate reelection race because she voted for obamacare in a statement predicted demand rejected the principles of obamacare and less that legislation which would permit insurers to offer you the program you were receiving before obamacare to offer and now comes to pass. stuart: to do that, means you got to go back into the obamacare law, opening up and
change it and congress has to do that. obamacare is basically collapsing. judge napolitano: will this rather arrogant president of ours who in his own mind believes he has changed the country forever with obamacare have the personal courage and personal humility to recognize it needs to be fixed at its core and would he sign legislation to fix it? he won't because of his personal attitude but even bill clinton of all people. they are going to force him but he doesn't want to do it. judge napolitano: when they college substandard is below the standard they have said everyone should have. i as an unmarried man shall have to have prenatal care and abortion care? this is absurd but it is what the government -- stuart: i am running out of time. a couple more subject i am going
to get to. you are involved and some are you. academy award winning director oliver stone is going to deliver the keynote address today at the conventional, commercial finance association. this is the man who slammed wall street three years ago, quote, when bankers were doing is unbelievable. the pull down the biggest heist of all time and on top of that got billions in a bailout. what is going on? you invite a guy like that to address bankers? charles: make this a love fest, this is the worst jerk to invite to the scene. bring people who are against your industry and smart ideas but not oliver stone. stuart: you have no input into this? en judge napolitano: viagra banker and he was speaking i would listen to him. he is good theater, good performance. i would listen to his argument. i don't know that i agree with it or accepted but i would
listen to a. stuart: you pay him a fee to appear and speak? judge napolitano: i don't agree with his message but to the extent that he will challenge them at their core is a good thing. stuart: we are going to move on. remember elizabeth warren? she said you didn't build the business, the government held you. now she's going after big banks, she wants to reform wall street before the next crisis hits. she wants to bring that glass-steagall. she wants to separate investment banking from commercial banking and i agree with elizabeth warren. yes i do. charles: here is the trek. the debate over glass-steagall seems like a low hanging fruit for elizabeth warren. it is hot in this hemisphere to say it is going to destroy wall street but that is the trojan horse. that gets you the credibility for what she really wants to do and that is far less than even president obama. she would lake is a socialist country overnight if she got any more power. judge napolitano: i would
worship at your feet. and i am shocked, shocked that you would along with this nonsense. this glass-steagall thing is just to get her nose under the tent so she can go in and deposit her waist inside the tent. judge napolitano: i think i upset a few viewers. charles: e-mails are coming and already. stuart: charles will anchor the show tomorrow. judge napolitano: numbers are pretty good. judge napolitano: would you trust the 20-year-old with $100 million? that is an awful lot of cash for a very young person. after the break a 24-year-old ridge fund manager manages $100 million and he will join us. that's why you take charge of your future. your retirement. ♪ ameriprise advisors can help you like they've helped millions of others. listening, planning, working one on one.
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and drive forward with broader possibilities. cme group: how the world advances. peter: one more people taking out auto loans and fewer people defaulting on loan payments and your report from experience, most of us owed $783 billion on auto loans. $103 billion in the same quarter, that was a typo. or delinquencies are down 3%. the u.s. government selling off on $1.2 billion stock in october and that brings the government stake in gm down to 4%. two thousand thirteen shaping up
macy's. >> retailers up along with it, macy's is up 9.5%, lower demand abercrombie of 2%, macy's came out with third quarter profit on a rise of 22%, most of the retailers have up arrows. coles has an up arrow. stuart: coles hit a 52 week high, have an hour ago and got back down a little bit i think but retailers are doing very well. charles is going to make some money and which stocks do you have? charles: i am reiterating night you are not a fan of solar companies but every day i am looking at these things particularly the chinese ones getting contracts from all over the world from turkey, it is amazing. the entire industry was doubled by 2020, up from where it is now. this stock makes a major breakout north of $12.50. stuart: a tiny solar company? charles: on fire right now.
they really are. stuart: would you trust it twentysomething with your money? joining us, 24, personally benefited $100 million. welcome to the program. i have to ask, how did you attract $100 million at your age? i got to be honest with you i am somewhat dubious that i would hand over a third of my age. >> i did not get all this money at once. i started with $2 million when i was managing the fund originally as a i started my junior year in college. and now more people have trusted me but also my team. i have a great professional team working with me, not just putting their money with the twentysomething-year-old but the entire team of twentysomething-year-olds as well. stuart: that is all good stuff but i am intrigued someone so young should be able to attract
so much money. that is really intriguing. now you have got to tell us what you invest in. we are told technology is very much for young people. are you attack investor? >> we invest across all different sectors and we trade mostly u.s. equity options but we invest diversified portfolio. i believe it is possible to pick out the best companies in each sector and make money that way. stuart: when you trade fast, don't hold long-term or do anything like that? >> actually, we take medium length positions, generally hold stocks between 90 and 110 days, frequently trade more often but really we are trying to protect out performance over a business quarter. stuart: you are not looking so much at an industry or a sector but looking for a particular company that is going to outperform. that is your style. >> that is right.
we grade stocks from 0 to 100 like i was in school when creating this rhythm and the algorithms continue to rate stocks from zero to 100 and high rated stocks get more aggressive positions put on. bernard: wi-fi had given you $1,000 on january 1st of this year and you had kept it and manages it, what would it be worth today? $1,000 january 1st. >> we are up a lot of money this year. we are performing like the market. one of the things that is so significant about our performance is we protect downside losses so the market has to move against us by 30% for us to lose any money. that is also built up some reputation. it is not that people in giving the money to gamble for them. we are very conservative with our investment strategy and able to outperform the market. stuart: when you didn't answer the question, your doing very well in the dodging department and i did ask $1,000 on
january 1st how much is it worth now. are you going to tell me? >> along with the market's we are up in the mid 20s this year, more impressively since the beginning of the fund in 2011, we are up about 50% and that is in good market times and bad market times and that is what we're looking for. stuart: thank you for joining us. good stuff. we appreciate your success. terrific. and 18-year-old elected to a school board in new jersey, the youngest elected official in that state. calls himself an advocate. against the unions for example? case harrison on his way in. he is next. welcome back. how is everything? there's nothing like being your own boss! and my customers are really liking your flat rate shipping. fedex one rate.
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meetings? >> my campaign was focused on student issues. obviously i talk about issues like the budget, protocol, i really wanted to give a voice to the student because as an active student in the school i know what our students go through every day. stuart: what to avoid the you put out? hours of work? hours of home mortgages will opening times? what issues do you bring? >> a plethora of issues, issues that include the way we schedule our classes, in to read science and technology into the curriculum, the way we qualified students, if you want a successful school district is important to focus on teachers and administrators, but you have to focus on -- when you have political ambitions. >> this will be a great way, a taste for politics and i would get experience in campaigning now as an actual elected official. stuart: you have an opponent? >> the board vice president,
years, and the prospective and voice the town had never heard. stuart: what did you do to get out the vote? >> my main technique was a facebook page. i could run this page better than anyone who had done in the campaign. it is interactive. issues that had come up people could respond and engage with me and how they thought -- stuart: let's be clear. you are s student in high school. you are in the management board overseeing of a high school where you are still a student. >> unique situation. stuart: this is what it reminds me of and it shows the nasty underbelly of politics. anything you experience like an eye opener for you? >> things get dirty and part of that harkens back to a culture where we are uncomfortable when young people try to engage in
politics. the majority of the campaign addressing questions, is inappropriate to have 18-year-old on the board and once you are able to move past that in the campaign and focus on the issues of the day that is when the momentum picked up. stuart: did your opponent played dirty pool and say you too young? >> a lot of people such as too younger. i had to work that much harder to make and trust me and to let them know i could deal with student issues and also like the budget. stuart: when you want to be the president of the united states? >> i will start small with school board stuff. keep in mind. stuart: chase harrison. thank you. by now you know. charles gets better rating than me. your take is next. ins. i didn't see them cing. i need a new investment pn. i need to rethink the core of my portfolio. ishares core etfs are low-cost funds.
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stuart: ratings numbers friday were outstanding thanks to you of viewers. i haven't giving charles hard times since he did anchor the show on friday. viewers love seeing the vote both of us. you had to a good job every morning but charles does an outstanding job. alan tweets my wife and i are fans of you both. my wife leans towards charles, rarely miss your show. why should the glass the half-empty? charles makes you and the show looked great. stuart: thanks very much. you were terrific. charles: the numbers prove it. stuart: we are the odd couple.
dagen mcdowell, it is yours. dagen: healthcare.gov will not be fixed by december. what that means for the economy and judge andrew napolitano on whether the government should be telling you what your insurance coverage should include. what about your money? are stocks the best place to put your dough right now? can you handle the volume? verizon's net burke is heavily taxed and a major shake-up in how to reduce the risk of having a heart attack. we cut through all the confusion with dr. manny and this is a must see segment for everybody. all that and more coming up this our with connell mcshane on markets now. ♪ connell: right about dr. manny. that is a must see segment. it has been all over the news. a big topic on